| Intrinsic Valuation of: CDW | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 8 | Market Cap | $13B | |||||
| 2021 | - | - (-) | P/E Ratio | 12 | Total Asset | $16B | |||||
| 2022 | $1B | - (-) | Net Income | $1B | Total Debt | $5B | |||||
| 2023 | $1B | 20.1% (33.4%) | EBITDA | $2B | Total Liab | $13B | |||||
| 2024 | $1B | -20.4% (-19.0%) | Opr Margin | 7.38 | Debt/Equity | 1.77 | |||||
| 2025 | $1B | -5.8% (-11.8%) | PreTax Margin | 6.37 | BV/Share | -25 | |||||
| 5Y Average FCF | $1B | -1.8% (0.9%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 1.00% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.73% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (-1.8%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $73 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $17B | Net Worth/Share | $20 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $16B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $619M | $91 | 1.0% | 1.2% | 1.5% | 1.8% | 2.0% | ||||
| (-) Total Debt | $5B | WACC | 6.5% | 119 | 124 | 130 | 137 | 144 | |||
| Equity Value | $12B | 7.3% | 100 | 104 | 108 | 113 | 118 | ||||
| Shares Outstanding | 127,753,451 | 8.1% | 85 | 88 | 91 | 94 | 98 | ||||
| 8.9% | 73 | 75 | 78 | 80 | 83 | ||||||
| DCF Intrinsic Value | $91 | 9.7% | 63 | 65 | 67 | 69 | 72 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||